Resolute Bank Permanently Closed, Says FDIC

Days after confirming its exit from the reverse mortgage business, Maumee, Ohio-based Resolute Bank has permanently ceased operating and its remaining customers have been migrated to another nearby banking organization. An official statement of closure stands in place of the bank’s former website, referring existing customers to relevant information on the closure and any pre-existing […]

Resolute Bank Exits Reverse Mortgage Business

Maumee, Ohio-based Resolute Bank has ceased originating Home Equity Conversion Mortgage (HECM) loans, RMD has learned. A company representative confirmed by phone that Resolute stopped offering reverse mortgages within the last month. Resolute Bank President Kevin Rahe told RMD that the exit had very little to do with reverse mortgage-specific issues such as changes made […]

Wholesale Reverse Mortgage Channel Hit Hard in December

Largely echoing previous numbers among government-approved lenders, Home Equity Conversion Mortgage (HECM) endorsements continued to drop in December, with total endorsements falling 31.4 percent to a total of 1,749 loans, according to the latest data from Reverse Market Insight (RMI). The HECM Originators report for December 2018 shows the losses afflicted on both retail and […]